Business Directories

HSBC to cut 1,149 jobs in Britain

London, April 24, 2013

HSBC is cutting 1,149 jobs in Britain in another round of redundancies to save money and slim down Europe's biggest bank.

The cuts are part of a three-year revival plan designed by chief executive Stuart Gulliver to reduce costs, raise returns and focus on profitable areas.

But Unite, Britain's biggest trade union, said it may ballot its members at the bank to see if they want to strike in protest at the latest job cuts and accused HSBC of "putting profits before people".

In Britain, banks have also axed thousands of jobs in response to new rules on how they sell investment products to retail customers, and HSBC said its latest cuts reflected this changing nature of customer behaviour and regulation.

The bank said while 3,166 UK jobs would be affected by the plans, the bank expects to redeploy 2,017 staff. The net loss in jobs adds to 2,200 UK job cuts made a year ago. – TradeArabia News Service